May 6 (Reuters) – Nutrien reported a rise in first-quarter profit on Wednesday, as the world’s top potash producer benefited from higher sales in its nitrogen and phosphate segments.
Fertilizer prices rose during the quarter, led by a surge in nitrogen costs as global supplies tightened due to the Middle East conflict, while phosphate prices were broadly higher and potash held relatively firm, supporting margins for producers such as Nutrien.
First-quarter net sales for Nutrien’s nitrogen segment stood at $1.01 billion, up from $885 million a year earlier.
Phosphates segment net sales rose 35% to $485 million.
The Saskatoon, Canada-based firm reported a net income of $139 million, or 27 cents per share, for the three months ended March 31, up from $19 million, or 2 cents per share, a year earlier.
(Reporting by Sumit Saha in Bengaluru; Editing by Jonathan Ananda)
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